The annual event saw 288 golfers tee off at the Legends on the Niagara course
Mortgage industry members hit the links at the Canadian Mortgage Brokers Association – Ontario’s annual SummerFest last week (August 16-17), a two-day event in Niagara Falls culminating in a sold-out golf tournament.
Members of the industry from throughout the province converged on the Legends on the Niagara course for tee-off, with 288 golfers taking part across two courses before a dinner reception and prize giveaway to round off proceedings.
CMBA-ON secretary Reaza Ali (pictured below) told Canadian Mortgage Professional that the renowned event had become something of a staple for the industry and a “main attraction” in the summer schedule.
“It’s one of those events that [lets] people get together on a social level and reconnect, and have some great business conversations as well as personal,” he said.
In recent years, public health restrictions and lockdowns during the COVID-19 pandemic presented a challenging environment, with virtual events often taking precedence over in-person arrangements, and Ali said that experience had underlined the value of face-to-face connection at occasions like SummerFest.
Charitable endeavours and philanthropy are also key areas of focus for CMBA, with the event raising funds in aid of SickKids Hospital, and Ali emphasized the importance to the organization of making a difference and giving back.
“One of the cornerstones for pretty much all our events is we want to give back to the communities. Right now the charity that we’re supporting is SickKids Hospital – so that’s been a great charity people want to support, and we’ve been able to raise some good money for that organization,” he said.
“It’s not just about getting people together, interacting on a business level and that personal, social level, but also giving back to the community is very important.”
Education, regional outreach top of mind moving ahead
Education, meanwhile, will remain a pillar of CMBA’s approach moving forward, according to Ali, particularly with new developments on the regulatory side seeing the introduction of a further course for agents and brokers wishing to transact in private mortgages.
The association’s status as a truly provincial organization also means it’s intent on growth across Ontario, he said, with the remainder of this year and 2024 set to see further progress on that front.
“Going into next year, what we’re really looking at doing is strategically having our anchor type of events with the gala and trade show, SummerFest to end off the summer, but we’re also looking at servicing other communities in Ontario – not just the bigger centres like the Greater Toronto Area (GTA),” he said.
“We want to make sure that we’re reaching brokers all over Ontario, so whether that be the Ottawa region or northern Ontario, we’re always looking at the best ways of reconnecting and connecting with new membership, and ultimately growing the membership so that they see the value.”
That’s especially important, Ali added, because of the fact that the province is hugely different from one part to the next, with each region bearing its own unique points and market quirks.
“Even within the province itself, every region is a little bit different and whether that be from a broker perspective, lender perspective, or service provider, the consumer base can be a little bit different as well,” he said.
“So we really need to understand the needs of all of those regions and we tailor things for that when we do our educational pieces in those areas.”
Mortgage brokers’ importance coming into sharp focus
The Ontario mortgage market continues to undergo a noteworthy shift in 2023, and Ali said the challenges faced by borrowers were bringing the value of the mortgage broker community into even greater prominence.
RE/MAX Canada president Christopher Alexander explained that higher rates have led to reluctant buyers and sellers, causing a standstill in inventory.https://t.co/BF7c7bZ7TZ#mortgagenews #mortgagebroker #mortgageindustry
— Canadian Mortgage Professional Magazine (@CMPmagazine) August 16, 2023
“Whenever there’s chance in the financial picture of the country or the province in general, brokers specifically are in great demand because the consumers can only get so much information, whether that be online or with their traditional lending sources,” he said.
“What people need to understand is the brokers may have come from those traditional institutions and could have only dealt with those products. The broker community has a vast array of solutions, and they have access to many different lenders, whether it be the traditional lenders or the alternative lenders.
“That’s the piece that a lot of consumers in Canada need to understand – and we see that migration now and the understanding that the broker community is an important component for consumers to tap into and really find a proper solution for themselves.”
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